NEW YORK, Nov. 21, 2019 /PRNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") announced today that John R. Buran has been re-elected by its Board of Directors ("Board") to serve as the Board's chairman for a two-year term that will commence on January 1, 2020. Mr. Buran, who is president and CEO of Flushing Bank, has served on the FHLBNY's Board as a Member Director representing the interests of the FHLBNY's members since December 1, 2010. He has served as Board chairman since January 1, 2018.
"The FHLBNY is a vital partner for our 327 members, and this partnership plays an important role in improving housing opportunities and driving community development across New York, New Jersey, Puerto Rico and the U.S. Virgin Islands," said Mr. Buran. "I am honored to continue to serve as chairman of the Board of the cooperative. I thank my fellow Directors for their continued trust in me, and I thank both the Board and management for their continuing contributions to ensure that the FHLBNY remains a reliable partner to our members and the communities we all serve."
"Under John's leadership, our Board has continued to be one of the great strengths of our franchise," said José R. González, president and CEO of the FHLBNY. "We are fortunate to have such a talented group of Directors providing the guidance that supports our mission to advance housing opportunity and local community development."
Mr. Buran is president and CEO of Flushing Financial Corporation, and Flushing Bank. He joined the holding company and the bank in 2001 as chief operating officer and he became a director of these entities in 2003. In 2005, he was named president and CEO of both entities. Mr. Buran's career in the banking industry began with Citibank in 1977. There, he held a variety of management positions including business manager of its retail distribution in Westchester, Long Island and Manhattan; and vice president in charge of its Investment Sales Division. Mr. Buran is past Chairman and current Board member of the New York Bankers Association. From 2011 to 2016, he was a member of the Community Depository Institutions Advisory Council of The Federal Reserve Bank of New York. Mr. Buran serves on the boards of the Long Island Association, both the Nassau and Suffolk County Boy Scouts, EAC, Long Island University, the Long Island Philharmonic and Channel 21.
Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of September 30, 2019, the FHLBNY serves 327 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America's homebuyers.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as "projected," "expects," "may," or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.